Yango Lets Drivers Pay Insurance Monthly


Yango Lets Drivers Pay Insurance Monthly

Yango Group has teamed up with Nib Bank and Nib Insurance to ease the financial strain on drivers by introducing a monthly insurance payment scheme. Under the new arrangement, annual insurance premiums, traditionally paid upfront, can now be settled in instalments, deducted directly from drivers' weekly bonuses. The agreement was signed last week at Nib Bank’s headquarters on Ras Abebe Aregay Street. The deal, involving G2G IT Solutions, Nib Insurance, and Nib Bank, plans to make insurance more accessible to drivers, who have long struggled with the steep annual costs, typically ranging from 20,000 to 30,000 Br. The new payment structure is fully integrated into Yango’s bonus system, removing the barrier of lump-sum premiums. This move comes at a time of mounting pressure on Ethiopia’s insurance industry, particularly motor insurance, which accounts for over 70pc of the market. Rising costs of spare parts and medical treatments have pushed up claim values, eating into profitability. With both the frequency and value of claims climbing, some insurers are reporting losses and struggling to cover payouts from collected premiums. To cushion drivers further, the agreement includes accident support services. If a vehicle is under repair following an accident, Nib Insurance will either provide a replacement vehicle or compensate the driver with the equivalent of their average monthly earnings. The support aims to ensure that drivers maintain mobility and income during downtime. “Once drivers reach an agreement with Yango and Nib Insurance, we will manage the monthly payments on their behalf,” said Tedros Mehari, Chief Technology Officer at G2G IT Solutions. He added that the group’s existing collaboration with Nib Bank, already providing debit services to Yango drivers, puts them in a strong position to execute the new system efficiently. Muluken Demessie, Chief Operating Officer at Nib Bank, reaffirmed the bank’s commitment: “We are ready to deliver full banking support to all parties involved and are developing additional services that will benefit vehicle owners and enrich the partnership.”

[ssba-buttons]

Radar

US Renews National Emergency, Sanctions on Ethiopia

The United States has extended the national emergency and sanctions on Ethiopia for another year under the African Growth & Opportunity Act (AGOA). Signed by President Donald J. Trump, the measure was first declared on September 17, 2021, through an executive order citing the conflict in northern region of the country as an "unusual and extraordinary" threat to U.S. national security and foreign policy. The extension, effective until September 17, 2026, keeps in place restrictions targeti...


Radar

Rockefeller Pitches Clean Cooking to Curb School Meal Emissions

A recent study has revealed the staggering environmental toll of school feeding programs. A single school serving 400 students can burn through the equivalent of 56 hectares of forest each year to fuel cooking. The Rockefeller Foundation flagged the health risks too, with most cooks, predominantly women, breathing smoke levels ten times higher than the World Health Organisation's safe limit. "If every school meal transitioned to clean cooking with electricity and solar, the emissions saved wo...


Radar

Sun-Powered Grid Brings Light to Qunbi District

A new 600KW solar mini-grid in East Hararge'sQunbi district has connected 2,200 households to electricity, marking a milestone in the recent rural electrification push. Ethiopian Electric Utility (EEU) laid seven kilometres of medium-voltage and 10 kilometres of low-voltage lines, installing four transformers to reach communities long cut off from power. Customers cover only meter and installation costs before accessing the service. The project is part of the national strategy to expand energ...